...Trust Co. v. jSmietanka, 255 US 509, 518, has defined the meaning of the word " income " as follows : " Income may be defined as the gain derived from capital, from labor, or from both combined, provided it be understood to include profit gained through a sale or conversion of capital assets."...

...Profits on Sale of Stock or Bonds as Income.— The United States Supreme Court has defined "income" as, "The gain derived from capital, from labor, or from both combined, provid1 it be understood to include profits gained through sale or conversion of capital assets " Eisner...

...businesses, commerce, or sales, or dealings in property," and the United States Supreme Court defines income as the "gain derived from capital, from labor, or from both combined." Doyle v. Mitchell Brothers Co., 247 US 179, 185, 38 Sup. Ct. 467, 469 (62 L. Ed. 105) and authority...

...little to add to the succinct definition adopted in two cases arising under the Corporation Act of 1009. "Income may be defined as the gain derived from capital, from labor, or from both combined," provided it be understood to include profit gained through a sale or conversion of capital assets,...

...of 1909; and the gains derived from it are properly and strictly the income from that business; for "income" may be defined as the gain derived from capital,...As to the alleged inequality of operation between miliing corporations and others, it is of course true that the revenues derived from the working of...

...process and the transaction is indubitably "business" and the gains derived therefrom "income," for "income may be defined as the gain derived from capital,...we have combined operations of capital and labor." The Court called attention to the alleged inequality resulting from exhaustion of capital which is...

...in its results to a manufacturing process, and is "business" within the Corporation Tax Law of 1909. Income may be defined as the gain derived from capital, from labor, or from both combined. In fixing the income by which the excise on conducting business should be measured, Congress has power...

...arising from corporate activities. As was said in Stratton's Independence v. Howbert, 231 US 399, 415: "Income may be defined as the gain derived from capital, from labor, or from both combined." Understanding the term in this natural and obvious sense, it cannot be said that a conversion of capital...

...Justices, 77 NH 600.] In Stratton's Independence Mine Limited v. Howbert, supra, at page 415, it is defined "as the gain derived from capital, from labor, or from both combined." Even the Income Tax Act itself defines an income substantially as above, and in such wise as to make...

...not affect "income received within the year," within excise tax act, section 38, clause 2. (Id.) 13. Income may be defined as the gain derived from capital, from labor, or from both combined. (Connecticut Gen. Life Ins. Co. v. Eaton, 218 Fed. 188, 1914, and Stratton's Independence v. Howbert,...